May 17 (SeeNews) - Italian medical appliances distributor Svas Biosana signed an agreement to acquire a 75% stake in the capital of Slovenian sector player Bormia, Svas Biosana said on Tuesday.
With this transaction, Svas Biosana becomes a leader in the supply of medical devices in the Balkans area, Svas Biosana said in a filing with the Milan Stock Exchange.
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Svas Biosana did not reveal financial details about the transaction.
"We believe we have achieved, with this further step, an important position in the market for specialist medical devices in Eastern Europe. Our organisation in the Balkan area is enriched, the size and commercial strength increase, we are creating the basis for further development," Svas Biosana CEO Umberto Perillo said.
Bormia is active in the distribution of specialised medical devices from leading US and European manufacturers in the fields of cardiac surgery, anesthesia and intensive care, endovascular procedures and neuroradiology, caters to primary public and private customers of the Slovenian, Croatian, Serbian and Bosnian healthcare system.
"We immediately had a great feeling with Svas Biosana and we are well aware of the value and the activity that the group has carried out in the markets in which we operate. It is with great enthusiasm that we will face the challenges of the next few years, aware that we are part of an important group with shared ambitions for growth and development," Bormia director Boris Coti noted.
Bormia recorded a net profit of 889,000 euro ($931,400) in 2021, up 9.3%, while revenues went up 26.4% to 11.0 million euro.
($ = 0.9546 euro)